Alibaba to take control of ChinaVision

Alibaba Group Holding is set to take control of ChinaVision Media Group (1060.HKG) in a deal valued at US$804 million as it looks to add more content to its services, Bloomberg reported. The purchase of new stock, at a 22% discount to the previous closing price, will boost the stake held by Alibaba and parties acting with it to 70.8% from 27%, according to a ChinaVision filing on Tuesday. The deal boosts Alibaba’s access to ChinaVision’s television programs, movies and live sport as it tries to compete with Tencent Holdings (0700.HKG) and Baidu (BIDU.NASDAQ) for China’s 618 million online users.